{
  "title": "Israel: Staff Report for the 2003 Article IV Consultation",
  "publication": "IMF Staff Country Reports, June 3, 2004",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/israel-staff-report-for-the-2003-article-iv-consultation-17444",
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  "summary": "This 2003 Article IV Consultation highlights that Israel’s economy has entered a modest recovery path, after almost three years of recession. Led by external demand, real GDP is estimated to have grown 1.3 percent in 2003, despite anemic investment.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Israel’s economy has entered a modest recovery path after almost three years of recession.\n- Real GDP is estimated to have grown 1.3 percent in 2003, led by external demand, despite anemic investment.\n- High frequency indicators suggest:\n  - output is recovering,\n  - private consumption is growing,\n  - tourism is rebounding.\n- The external current account deficit continues to fall and is now close to balance.\n- The sizable capital outflow of the last quarter of 2002 and the first quarter of 2003 has been reversed.\n- Foreign direct investment has rebounded."
    },
    {
      "heading": "Major themes and topics covered",
      "content": "- Banking\n- Budget planning and preparation\n- External debt\n- Inflation and inflation targeting\n- Monetary policy\n- Prices\n- Public debt\n- Public financial management (PFM)"
    },
    {
      "heading": "Key statistics and temporal markers",
      "content": "- Real GDP growth: 1.3 percent in 2003\n- Period of recession: almost three years (ending before 2003)\n- Capital outflow reversal refers to the last quarter of 2002 and the first quarter of 2003\n\nSource: Israel: Staff Report for the 2003 Article IV Consultation, IMF Staff Country Reports, 2004/158.\n\n---\n\n Content in this bundle\n\n- cr04158\n  - cr04158 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr04158 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 3, 2004",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451819533.002",
    "Israel’s economy has entered a modest recovery path after almost three years of recession.",
    "Real GDP is estimated to have grown 1.3 percent in 2003, led by external demand, despite anemic investment.",
    "High frequency indicators suggest:",
    "The external current account deficit continues to fall and is now close to balance.",
    "The sizable capital outflow of the last quarter of 2002 and the first quarter of 2003 has been reversed.",
    "Foreign direct investment has rebounded.",
    "Real GDP growth: 1.3 percent in 2003",
    "Period of recession: almost three years (ending before 2003)",
    "Capital outflow reversal refers to the last quarter of 2002 and the first quarter of 2003",
    "**_cr04158**"
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